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Third Quarter
          Earnings
 October 26, 2006

               Dial In Number
      866.800.8651 Domestic
    617.614.2704 International

              Replay Number
       888.286.8010 Domestic
    617.801.6888 International
Reservation Number: 46550358
Available through Nov. 02, 2006




                                  1
Forward-Looking Statements
This presentation contains forward-looking statements, including information regarding the Company’s 2006 and
2007 financial outlook and guidance, future plans, objectives, business prospects and anticipated financial
performance. These forward-looking statements are not statements of historical facts and represent only the
Company’s current expectations regarding such matters. These statements inherently involve a wide range of
known and unknown risks and uncertainties. The Company’s actual actions and results could differ materially
from what is expressed or implied by these statements. Specific factors that could cause such a difference
include, but are not limited to: risks associated with the Company’s U.S. government sales, including changes or
shifts in defense spending, uncertain funding of programs, potential termination of contracts, and difficulties in
contract performance; the ability to procure new contracts; the risks of conducting business in foreign countries;
the ability to comply with extensive governmental regulation, including import and export policies and
procurement, aircraft manufacturing and other regulations; the impact of competition; the ability to develop
products and technologies; the risk of cost overruns, particularly for the Company’s fixed-price contracts;
dependence on component availability, subcontractor performance and key suppliers; risks of a negative
government audit; the use of accounting estimates in the Company’s financial statements; the potential
impairment of the Company’s goodwill; risks associated with the general aviation, commuter and fractional
ownership aircraft markets; accidents involving the Company’s aircraft; the outcome of contingencies and
litigation matters, including government investigations; the ability to recruit and retain qualified personnel; risks
associated with acquisitions, joint ventures and other business arrangements; the impact of changes in the
Company’s credit ratings; risks associated with exploring strategic alternatives for RAC, including the uncertainty
of whether a transaction will be consummated and the potential disruption to RAC’s business during such
transaction; and other factors as may be detailed from time to time in the Company’s public announcements and
Securities and Exchange Commission filings. In addition, these statements do not give effect to the potential
impact of any acquisitions, divestitures or business combinations, including any potential RAC transaction, that
may be announced or closed after the date hereof. The Company undertakes no obligation to make any revisions
to the forward-looking statements contained in this presentation or to update them to reflect events or
circumstances occurring after the date of this presentation. This presentation also contains non-GAAP financial
measures. A GAAP reconciliation and a discussion of the Company's use of these measures are included in this
presentation.



                                                                                                                        2
Q3 2006 Company Highlights
Earnings per share (EPS) from continuing operations of
$0.72, up 41 percent
Strong operating cash flow; net debt at $2.8 billion, lowest
in over 11 years
Strong bookings of $6.1 billion; sales of $5.7 billion, up 7
percent
2006 full-year guidance increased for EPS, bookings,
operating cash flow, and return on invested capital (ROIC)
5.5 million shares of common stock repurchased for $250
million in the quarter; 7.9 million shares of common stock
repurchased for $352 million year-to-date

                                                               3
Bookings and Backlog ($B)
                                                         Bookings
                                                                                Total Company
           Government & Defense
                                      15.3    14.7                                              17.5    17.0
  15                                                          18
                                                              15
  12
                                                              12
   9
                                                               9
                      5.2                                                       6.1
   6
                                                                       4.2
             3.4                                               6
   3                                                           3
                                                               0
   0
                                                                                             YTD 2005 * YTD 2006
                                                                    Q3 2005  Q3 2006
         Q3 2005     Q3 2006*     YTD 2005    YTD 2006
                                                                        *Prior year includes Q2, 2005 multi-year awards of DDG
*2006 includes higher bookings at both MS & NCS
                                                                        1000 ($1.7B) & F-18 AESA ($586M)
                                                         Backlog
            Government & Defense                                                Total Company
                                                                                                    34.6
                                                                         33.1
                                           31.7
  35               30.7                                        35
  30                                                           30
  25                                                           25
  20                                                           20
  15                                                           15
  10                                                           10
   5                                                            5
   0                                                            0
                                                                        Q3 2005                   Q3 2006
               Q3 2005                   Q3 2006

                                Bookings and backlog remain strong
                                                                                                                         4
Sales and Earnings Per Share

           Total Company Sales ($B)                       EPS from Continuing Operations



                                       16.6
18                             15.7               $2.50
                                                                                           $2.05
15
                                                  $2.00
12                                                                                 $1.45
                                                  $1.50
9
                5.7
         5.3                                      $1.00               $0.72
6
                                                              $0.51
                                                  $0.50
3
0                                                 $0.00
                                                            Q3 2005   Q3 2006   YTD 2005   YTD 2006
      Q3 2005   Q3 2006     YTD 2005   YTD 2006

                                                          • EPS up 41 percent in both Q3
      • Sales up 7 percent in Q3 2006,
                                                            2006 & year-to-date
        up 6 percent year-to-date



                          Continued strong sales and earnings
                                                                                                   5
Government & Defense Sales

                  Sales ($B)                               Sales ($M)
                                                                              Net
                                                  Q3 2005       Q3 2006     Change
6
                                4.7      IDS          919          1,030       111
         4.5
5
                                         IIS          649            626       (23)
4
                                         MS         1,005          1,081        76
3
                                         NCS          833            879        46
2
                                         SAS        1,013          1,069        56
1                                        RTSC         479            509        30
                                         Elims       (394)          (456)      (62)
0
                                           G&D      4,504          4,738       234
        Q3 2005                Q3 2006



    • G&D Sales up 5 percent in Q3 2006 primarily driven by DDG 1000
      sales at IDS and ramp up of Standard Missile at MS



                        Continued growth in key markets
                                                                                 6
Government & Defense Margins

                    Operating Margins                                 Operating Margins
                                                                                            Net
                                                                     Q3 2005   Q3 2006    Change
14%
                                                   11.9%
                11.7%
12%                                                           IDS      14.6%      16.2%   160 bps
                                                              IIS       8.8%       9.3%     50 bps
10%
                                                              MS       10.3%      10.1%   (20) bps
8%
                                                              NCS      10.4%       9.9%   (50) bps
6%
                                                              SAS      14.1%      13.8%   (30) bps
4%
                                                              RTSC      7.9%       7.1%   (80) bps
2%
                                                              G&D*     11.7%      11.9%    20 bps
0%
                Q3 2005                           Q3 2006



      • G&D operating margins up 20 bps in Q3 2006 primarily driven by strong
         performance at IDS

      * After eliminations of intercompany operating profit


               Continued focus on execution, full year remains on track
                                                                                               7
Raytheon Aircraft Company

                                                                   Operating Margins
                       Sales ($M)



                                            1,996                      9.2%
                                                       10%
2,000                               1,771
                                                       8%
                                                                                            6.4%
1,500
                                                               5.3%
                                                       6%
                                                                                    3.9%
1,000               758
            642                                        4%
 500                                                   2%

   0                                                   0%
          Q3 2005   Q3 2006   YTD 2005      YTD 2006         Q3 2005   Q3 2006   YTD 2005   YTD 2006


                                                       • Operating margins up 390 bps in
        • Sales up 18 percent in Q3 2006,
                                                         Q3 2006, up 250 bps year-to-date
          up 13 percent year-to-date

        Strong volume, favorable mix and continued cost and productivity
                                 improvements
                                                                                                   8
Cash Flow
  $ Millions
                                                                           3rd Quarter                          Nine Months
                                                                         2005      2006                        2005     2006
  Net Income                                                              228             321                  595              918

  Depreciation & Amortization                                             109             113                  327              341

  Working Capital                                                         245               37                (106)            (621)

  Other                                                                   216             279                  528              556

  Operating Cash Flow from Cont. Ops.                                     798             750                1,344           1,194

  Capital Spending & Internal Software                                    (96)             (93)               (244)            (224)

  Free Cash Flow from Cont. Ops.                                          702             657                1,100              970


Free Cash Flow (FCF) is not a measure of financial performance under generally accepted accounting principles (GAAP), and may not be
defined and calculated by other companies in the same manner. FCF should be considered supplemental to and not a substitute for financial
information prepared in accordance with GAAP.


                                          Continued strong cash flow
                                                                                                                                       9
2006 Financial Outlook Update
                                                                      Current           Prior**

Bookings ($B)                                                        23.0 - 24.0*     22.0 - 23.0
Sales ($B)                                                           23.1 - 23.6      23.1 - 23.6

FAS/CAS Pension Expense ($M)                                             378             378
Interest expense, net ($M)                                           200 – 210*       220 - 230

Diluted Shares (M)                                                   449 - 451         449 - 451
GAAP EPS from Cont. Ops                                             $2.70 - $2.80*   $2.60 - $2.70

Net Debt ($B)                                                         2.0 - 2.2*       2.3 - 2.5
Operating Cash Flow ($B)                                              2.3 - 2.5*       2.0 - 2.2

ROIC (%)                                                              8.4 - 8.8*       8.2 – 8.6
* Denotes change from prior guidance
** As of July 27, 2006
 Net debt is defined as total debt less cash and cash equivalents



  Increased full-year guidance for EPS, bookings, cash flow, and ROIC
                                                                                                     10
EPS from Continuing Operations Outlook Update


  2006 Full Year
    Prior Guidance                              $2.60 - $2.70
      Improved performance IDS                     $0.02
      Improved performance RAC                     $0.03

      Net interest expense                         $0.03

      Other items                                  $0.02
    Current Guidance                            $2.70 - $2.80




  Strong operating performance driving increase to EPS guidance 4
                                                                    11
2006 Financial Outlook: By Business
                                        Current        Current            Prior
                                       Sales ($B)     Op. Margin      Op. Margin**
  IDS                                    4.0-4.2      15.9-16.4%*       15.7-16.2%
  IIS                                    2.6-2.8        9.1-9.5%         9.1-9.5%
  MS                                     4.2-4.4      10.2-10.6%        10.2-10.6%
  NCS                                    3.2-3.4      10.2-10.6%        10.2-10.6%
  SAS                                    4.2-4.4      13.3-13.7%        13.3-13.7%
  RTSC                                   2.0-2.1        7.0-7.5%         7.0-7.5%
  RAC                                    3.0-3.2      195M-205M*       175M-185M
  Other                                  0.7-0.8      (40M)-(50M)      (40M)-(50M)
  Corp and Elims                          (1.6)      (195M)-(205M)*   (205M)-(220M)
   Subtotal                            $23.1-$23.6    10.3-10.5%*      10.1-10.3%
  FAS/CAS Inc Adj                                        -1.6%           -1.6%
     Total Cont. Ops                   $23.1-$23.6     8.7-8.9%*        8.5-8.7%
  G&D After elims                      $19.2-$19.7    12.0-12.2%*      11.9-12.1%
* Denotes change from prior guidance
** As of July 27, 2006


                     Operational improvements driving margin expansion
                                                                                      12
2006 Financial Outlook: Cash Flow
 $ Millions
                                                                                    Current         Prior**
 Income from continuing operations                                                $1.2B - $1.3B* $1.1B - $1.2B
 Depreciation & amortization                                                        450 - 470      450 - 470
 Working Capital                                                                     150 - 200*                    50 - 100
 Discretionary pension funding                                                            (200)                     (200)
 Non cash tax expense                                                                 220 - 240                  220 - 240
 FAS/CAS income adjustment                                                                 378                       378
 Other                                                                                  35 – 65*                (15) - 15
                Operating cash flow                                               $2.3B - $2.5B* $2.0B - $2.2B

 Capital & internal software spending                                              (500) - (450)*             (530) - (480)

                Free cash flow                                                    $1.8B - $2.0B* $1.5B - $1.7B
* Denotes change from prior guidance
** As of July 27, 2006
Free Cash Flow (FCF) is not a measure of financial performance under generally accepted accounting principles (GAAP), and may not be
defined and calculated by other companies in the same manner. FCF should be considered supplemental to and not a substitute for financial
information prepared in accordance with GAAP.
                                                                                                                                    13
2007 Financial Outlook
                                             2006          2007
 Bookings ($B)                             23.0 - 24.0   24.5 - 25.5

 Net Sales ($B)

      Government and Defense               20.8 - 21.3   22.2 - 22.7
      Elimination of Intercompany Sales       (1.6)         (1.7)
      Government and Defense after Elims   19.2 - 19.7   20.5 - 21.0

      Raytheon Aircraft                     3.0 - 3.2       3.3
      Other                                 0.7 - 0.8       0.8

      Total Company                        23.1 - 23.6   24.6 - 25.1

 GAAP EPS ($)                              2.70 - 2.80   2.95 - 3.05

 Operating Cash Flow ($B)                   2.3 - 2.5     1.7 - 1.9

 ROIC (% )                                  8.4 - 8.8     9.0 - 9.4

                  Solid performance across the company
                                                                       14
Summary

Intense focus on execution….and margin expansion

Strong profitable growth going forward…solid position in our
core markets…and expanding

Well positioned portfolio – platform agnostic – capability
focused

Excellent cash generation

ROIC focus and improvement




           Well positioned for today….and tomorrow
                                                               15
Appendix




           16
2006 Financial Outlook: Government and Defense

                                                                    Current        Prior**

   Bookings ($B)                                                   18.7 - 19.7*   18.0 - 19.0


   Net Sales ($B)***                                               19.2 - 19.7    19.2 - 19.7


   Op. Margin (% )***                                              12.0 - 12.2*   11.9 - 12.1


   Operating Cash Flow ($B)                                         1.9 - 2.1*     1.7 - 1.9

   * D eno t es chang e f r o m p r i o r g ui d ance
   * * A s o f Jul y 2 7, 2 0 0 6
   * * * A f t er el i mi nat i o n o f i nt er co mp any sal es




                                                                                                17
Pension Expense
$ Millions
                                                                                      2006                  2007
                                                                                    Forecast              Forecast
FAS                                                                                  (878)                 (794)
CAS                                                                                    (500)               (449)
Income Adjustment                                                                      (378)               (345)

EPS Impact of FAS/CAS Pension                                                          (0.55)              (0.51)

CAS Recovery                                                                            500                 449
Funding Required                                                                       (443)               (470)
                                                                                                 *
Discretionary Funding                                                                  (200)               (200)

* Actual cash payment made in Q1 2006
Note: 2007 pension assumes a discount rate of 5.75% and a return on assets of 8.75% as of Dec. 31, 2006



                                                                                                                     18
2007 FAS/CAS Pension Adjustment ($M)

                                                   Estimated Return*
    Estimated
    Discount
      Rate*                 0.00%                  5.00%                  8.75%                  15.00%
      5.50%                   390                    385                    395                      406

                                                                         Current
                                                                       assumption
                                                                           345
      5.75%                   340                    335                                             354


      6.00%                   291                    286                    296                      305


      6.25%                   241                    236                    246                      255

* Pension expense for 2007 is based upon discount rates as of 12/31/2006 and asset returns for the
  calendar year 2006. 2007 pension expense will be updated at year end 2006, once actual discount
  rates and asset returns for 2006 are determined.
  Note: The purpose of this chart is to indicate the range of outcomes of the 2007 FAS/CAS pension
  adjustment based upon the 2006 discount rate and return on assets. Actual results not necessarily
                                                                                                           19
  limited to above scenarios. Includes International Pension.
Raytheon Aircraft – Delivery Forecast

  2005                                      Current         Prior
 Actual                                     Forecast       Forecast*      Change

    0            Hawker 4000                    0              5               (5)
   58        Hawker 800XP/850XP                 64             63               1
   53           Hawker 400XP                   54             51                3
   30             Premier I                     36             37              (1)
  114              King Air                    143            142               1
   99              Pistons                     122            126              (4)

  354            Total Deliveries              419            424              (5)

* As of July 27, 2006



   Includes Special Mission aircraft units but excludes JPATS delivery units
                                                                                     20
Return on Invested Capital Calculation
                                                                                  Outlook                      Outlook
                                                                                   2006                         2007
         Income from Continuing Operations
         Net Interest Expense, after-tax*                                       Combined                     Combined
         Lease Expense, after-tax*
           Return                                                            $1,415-$1,460                 $1,510-$1,555

         Net Debt**
         Equity**                                                               Combined                     Combined
         Lease expense x 8, plus Financial Guarantees* *

           Invested Capital                                                 $16,775-$16,575              $16,700-$16,500

           ROIC                                                                8.4% - 8.8%                  9.0% - 9.4%


           *Effective Tax Rate                                                    33.9%                         34.0%
           ** 2 point average

We define Return on Invested Capital (ROIC) as income from continuing operations plus after-tax net interest expense plus one-third of
operating lease expense after-tax (estimate of interest portion of operating lease expense) divided by average invested capital after
capitalizing operating leases (operating lease expense times a multiplier of 8) and adding financial guarantees. ROIC is not a measure of
financial performance under generally accepted accounting principles (GAAP) and may not be defined and calculated by other companies in
the same manner. ROIC should be considered supplemental to and not a substitute for financial information prepared in accordance with
GAAP. The Company uses ROIC to make the most efficient and effective use of capital and as an element of management compensation.
                                                                                                                                      21

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raytheon Q4 Earnings Presentation

  • 1. Third Quarter Earnings October 26, 2006 Dial In Number 866.800.8651 Domestic 617.614.2704 International Replay Number 888.286.8010 Domestic 617.801.6888 International Reservation Number: 46550358 Available through Nov. 02, 2006 1
  • 2. Forward-Looking Statements This presentation contains forward-looking statements, including information regarding the Company’s 2006 and 2007 financial outlook and guidance, future plans, objectives, business prospects and anticipated financial performance. These forward-looking statements are not statements of historical facts and represent only the Company’s current expectations regarding such matters. These statements inherently involve a wide range of known and unknown risks and uncertainties. The Company’s actual actions and results could differ materially from what is expressed or implied by these statements. Specific factors that could cause such a difference include, but are not limited to: risks associated with the Company’s U.S. government sales, including changes or shifts in defense spending, uncertain funding of programs, potential termination of contracts, and difficulties in contract performance; the ability to procure new contracts; the risks of conducting business in foreign countries; the ability to comply with extensive governmental regulation, including import and export policies and procurement, aircraft manufacturing and other regulations; the impact of competition; the ability to develop products and technologies; the risk of cost overruns, particularly for the Company’s fixed-price contracts; dependence on component availability, subcontractor performance and key suppliers; risks of a negative government audit; the use of accounting estimates in the Company’s financial statements; the potential impairment of the Company’s goodwill; risks associated with the general aviation, commuter and fractional ownership aircraft markets; accidents involving the Company’s aircraft; the outcome of contingencies and litigation matters, including government investigations; the ability to recruit and retain qualified personnel; risks associated with acquisitions, joint ventures and other business arrangements; the impact of changes in the Company’s credit ratings; risks associated with exploring strategic alternatives for RAC, including the uncertainty of whether a transaction will be consummated and the potential disruption to RAC’s business during such transaction; and other factors as may be detailed from time to time in the Company’s public announcements and Securities and Exchange Commission filings. In addition, these statements do not give effect to the potential impact of any acquisitions, divestitures or business combinations, including any potential RAC transaction, that may be announced or closed after the date hereof. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this presentation or to update them to reflect events or circumstances occurring after the date of this presentation. This presentation also contains non-GAAP financial measures. A GAAP reconciliation and a discussion of the Company's use of these measures are included in this presentation. 2
  • 3. Q3 2006 Company Highlights Earnings per share (EPS) from continuing operations of $0.72, up 41 percent Strong operating cash flow; net debt at $2.8 billion, lowest in over 11 years Strong bookings of $6.1 billion; sales of $5.7 billion, up 7 percent 2006 full-year guidance increased for EPS, bookings, operating cash flow, and return on invested capital (ROIC) 5.5 million shares of common stock repurchased for $250 million in the quarter; 7.9 million shares of common stock repurchased for $352 million year-to-date 3
  • 4. Bookings and Backlog ($B) Bookings Total Company Government & Defense 15.3 14.7 17.5 17.0 15 18 15 12 12 9 9 5.2 6.1 6 4.2 3.4 6 3 3 0 0 YTD 2005 * YTD 2006 Q3 2005 Q3 2006 Q3 2005 Q3 2006* YTD 2005 YTD 2006 *Prior year includes Q2, 2005 multi-year awards of DDG *2006 includes higher bookings at both MS & NCS 1000 ($1.7B) & F-18 AESA ($586M) Backlog Government & Defense Total Company 34.6 33.1 31.7 35 30.7 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 Q3 2005 Q3 2006 Q3 2005 Q3 2006 Bookings and backlog remain strong 4
  • 5. Sales and Earnings Per Share Total Company Sales ($B) EPS from Continuing Operations 16.6 18 15.7 $2.50 $2.05 15 $2.00 12 $1.45 $1.50 9 5.7 5.3 $1.00 $0.72 6 $0.51 $0.50 3 0 $0.00 Q3 2005 Q3 2006 YTD 2005 YTD 2006 Q3 2005 Q3 2006 YTD 2005 YTD 2006 • EPS up 41 percent in both Q3 • Sales up 7 percent in Q3 2006, 2006 & year-to-date up 6 percent year-to-date Continued strong sales and earnings 5
  • 6. Government & Defense Sales Sales ($B) Sales ($M) Net Q3 2005 Q3 2006 Change 6 4.7 IDS 919 1,030 111 4.5 5 IIS 649 626 (23) 4 MS 1,005 1,081 76 3 NCS 833 879 46 2 SAS 1,013 1,069 56 1 RTSC 479 509 30 Elims (394) (456) (62) 0 G&D 4,504 4,738 234 Q3 2005 Q3 2006 • G&D Sales up 5 percent in Q3 2006 primarily driven by DDG 1000 sales at IDS and ramp up of Standard Missile at MS Continued growth in key markets 6
  • 7. Government & Defense Margins Operating Margins Operating Margins Net Q3 2005 Q3 2006 Change 14% 11.9% 11.7% 12% IDS 14.6% 16.2% 160 bps IIS 8.8% 9.3% 50 bps 10% MS 10.3% 10.1% (20) bps 8% NCS 10.4% 9.9% (50) bps 6% SAS 14.1% 13.8% (30) bps 4% RTSC 7.9% 7.1% (80) bps 2% G&D* 11.7% 11.9% 20 bps 0% Q3 2005 Q3 2006 • G&D operating margins up 20 bps in Q3 2006 primarily driven by strong performance at IDS * After eliminations of intercompany operating profit Continued focus on execution, full year remains on track 7
  • 8. Raytheon Aircraft Company Operating Margins Sales ($M) 1,996 9.2% 10% 2,000 1,771 8% 6.4% 1,500 5.3% 6% 3.9% 1,000 758 642 4% 500 2% 0 0% Q3 2005 Q3 2006 YTD 2005 YTD 2006 Q3 2005 Q3 2006 YTD 2005 YTD 2006 • Operating margins up 390 bps in • Sales up 18 percent in Q3 2006, Q3 2006, up 250 bps year-to-date up 13 percent year-to-date Strong volume, favorable mix and continued cost and productivity improvements 8
  • 9. Cash Flow $ Millions 3rd Quarter Nine Months 2005 2006 2005 2006 Net Income 228 321 595 918 Depreciation & Amortization 109 113 327 341 Working Capital 245 37 (106) (621) Other 216 279 528 556 Operating Cash Flow from Cont. Ops. 798 750 1,344 1,194 Capital Spending & Internal Software (96) (93) (244) (224) Free Cash Flow from Cont. Ops. 702 657 1,100 970 Free Cash Flow (FCF) is not a measure of financial performance under generally accepted accounting principles (GAAP), and may not be defined and calculated by other companies in the same manner. FCF should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. Continued strong cash flow 9
  • 10. 2006 Financial Outlook Update Current Prior** Bookings ($B) 23.0 - 24.0* 22.0 - 23.0 Sales ($B) 23.1 - 23.6 23.1 - 23.6 FAS/CAS Pension Expense ($M) 378 378 Interest expense, net ($M) 200 – 210* 220 - 230 Diluted Shares (M) 449 - 451 449 - 451 GAAP EPS from Cont. Ops $2.70 - $2.80* $2.60 - $2.70 Net Debt ($B) 2.0 - 2.2* 2.3 - 2.5 Operating Cash Flow ($B) 2.3 - 2.5* 2.0 - 2.2 ROIC (%) 8.4 - 8.8* 8.2 – 8.6 * Denotes change from prior guidance ** As of July 27, 2006 Net debt is defined as total debt less cash and cash equivalents Increased full-year guidance for EPS, bookings, cash flow, and ROIC 10
  • 11. EPS from Continuing Operations Outlook Update 2006 Full Year Prior Guidance $2.60 - $2.70 Improved performance IDS $0.02 Improved performance RAC $0.03 Net interest expense $0.03 Other items $0.02 Current Guidance $2.70 - $2.80 Strong operating performance driving increase to EPS guidance 4 11
  • 12. 2006 Financial Outlook: By Business Current Current Prior Sales ($B) Op. Margin Op. Margin** IDS 4.0-4.2 15.9-16.4%* 15.7-16.2% IIS 2.6-2.8 9.1-9.5% 9.1-9.5% MS 4.2-4.4 10.2-10.6% 10.2-10.6% NCS 3.2-3.4 10.2-10.6% 10.2-10.6% SAS 4.2-4.4 13.3-13.7% 13.3-13.7% RTSC 2.0-2.1 7.0-7.5% 7.0-7.5% RAC 3.0-3.2 195M-205M* 175M-185M Other 0.7-0.8 (40M)-(50M) (40M)-(50M) Corp and Elims (1.6) (195M)-(205M)* (205M)-(220M) Subtotal $23.1-$23.6 10.3-10.5%* 10.1-10.3% FAS/CAS Inc Adj -1.6% -1.6% Total Cont. Ops $23.1-$23.6 8.7-8.9%* 8.5-8.7% G&D After elims $19.2-$19.7 12.0-12.2%* 11.9-12.1% * Denotes change from prior guidance ** As of July 27, 2006 Operational improvements driving margin expansion 12
  • 13. 2006 Financial Outlook: Cash Flow $ Millions Current Prior** Income from continuing operations $1.2B - $1.3B* $1.1B - $1.2B Depreciation & amortization 450 - 470 450 - 470 Working Capital 150 - 200* 50 - 100 Discretionary pension funding (200) (200) Non cash tax expense 220 - 240 220 - 240 FAS/CAS income adjustment 378 378 Other 35 – 65* (15) - 15 Operating cash flow $2.3B - $2.5B* $2.0B - $2.2B Capital & internal software spending (500) - (450)* (530) - (480) Free cash flow $1.8B - $2.0B* $1.5B - $1.7B * Denotes change from prior guidance ** As of July 27, 2006 Free Cash Flow (FCF) is not a measure of financial performance under generally accepted accounting principles (GAAP), and may not be defined and calculated by other companies in the same manner. FCF should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. 13
  • 14. 2007 Financial Outlook 2006 2007 Bookings ($B) 23.0 - 24.0 24.5 - 25.5 Net Sales ($B) Government and Defense 20.8 - 21.3 22.2 - 22.7 Elimination of Intercompany Sales (1.6) (1.7) Government and Defense after Elims 19.2 - 19.7 20.5 - 21.0 Raytheon Aircraft 3.0 - 3.2 3.3 Other 0.7 - 0.8 0.8 Total Company 23.1 - 23.6 24.6 - 25.1 GAAP EPS ($) 2.70 - 2.80 2.95 - 3.05 Operating Cash Flow ($B) 2.3 - 2.5 1.7 - 1.9 ROIC (% ) 8.4 - 8.8 9.0 - 9.4 Solid performance across the company 14
  • 15. Summary Intense focus on execution….and margin expansion Strong profitable growth going forward…solid position in our core markets…and expanding Well positioned portfolio – platform agnostic – capability focused Excellent cash generation ROIC focus and improvement Well positioned for today….and tomorrow 15
  • 16. Appendix 16
  • 17. 2006 Financial Outlook: Government and Defense Current Prior** Bookings ($B) 18.7 - 19.7* 18.0 - 19.0 Net Sales ($B)*** 19.2 - 19.7 19.2 - 19.7 Op. Margin (% )*** 12.0 - 12.2* 11.9 - 12.1 Operating Cash Flow ($B) 1.9 - 2.1* 1.7 - 1.9 * D eno t es chang e f r o m p r i o r g ui d ance * * A s o f Jul y 2 7, 2 0 0 6 * * * A f t er el i mi nat i o n o f i nt er co mp any sal es 17
  • 18. Pension Expense $ Millions 2006 2007 Forecast Forecast FAS (878) (794) CAS (500) (449) Income Adjustment (378) (345) EPS Impact of FAS/CAS Pension (0.55) (0.51) CAS Recovery 500 449 Funding Required (443) (470) * Discretionary Funding (200) (200) * Actual cash payment made in Q1 2006 Note: 2007 pension assumes a discount rate of 5.75% and a return on assets of 8.75% as of Dec. 31, 2006 18
  • 19. 2007 FAS/CAS Pension Adjustment ($M) Estimated Return* Estimated Discount Rate* 0.00% 5.00% 8.75% 15.00% 5.50% 390 385 395 406 Current assumption 345 5.75% 340 335 354 6.00% 291 286 296 305 6.25% 241 236 246 255 * Pension expense for 2007 is based upon discount rates as of 12/31/2006 and asset returns for the calendar year 2006. 2007 pension expense will be updated at year end 2006, once actual discount rates and asset returns for 2006 are determined. Note: The purpose of this chart is to indicate the range of outcomes of the 2007 FAS/CAS pension adjustment based upon the 2006 discount rate and return on assets. Actual results not necessarily 19 limited to above scenarios. Includes International Pension.
  • 20. Raytheon Aircraft – Delivery Forecast 2005 Current Prior Actual Forecast Forecast* Change 0 Hawker 4000 0 5 (5) 58 Hawker 800XP/850XP 64 63 1 53 Hawker 400XP 54 51 3 30 Premier I 36 37 (1) 114 King Air 143 142 1 99 Pistons 122 126 (4) 354 Total Deliveries 419 424 (5) * As of July 27, 2006 Includes Special Mission aircraft units but excludes JPATS delivery units 20
  • 21. Return on Invested Capital Calculation Outlook Outlook 2006 2007 Income from Continuing Operations Net Interest Expense, after-tax* Combined Combined Lease Expense, after-tax* Return $1,415-$1,460 $1,510-$1,555 Net Debt** Equity** Combined Combined Lease expense x 8, plus Financial Guarantees* * Invested Capital $16,775-$16,575 $16,700-$16,500 ROIC 8.4% - 8.8% 9.0% - 9.4% *Effective Tax Rate 33.9% 34.0% ** 2 point average We define Return on Invested Capital (ROIC) as income from continuing operations plus after-tax net interest expense plus one-third of operating lease expense after-tax (estimate of interest portion of operating lease expense) divided by average invested capital after capitalizing operating leases (operating lease expense times a multiplier of 8) and adding financial guarantees. ROIC is not a measure of financial performance under generally accepted accounting principles (GAAP) and may not be defined and calculated by other companies in the same manner. ROIC should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company uses ROIC to make the most efficient and effective use of capital and as an element of management compensation. 21